Sec. 8. If no loans have been made to a unit under IC 4-4-8 (before its repeal) or IC 5-28-9 for the financing of industrial development programs in an economic development district within two (2) years from the date of the ordinance confirming the establishment of that district, or if money in the special fund established by the unit for that district is sufficient to pay all principal of and interest on and the performance of all other obligations by a unit on all loans made under IC 4-4-8 (before its repeal) or IC 5-28-9 for the financing of industrial development programs in, or serving, an economic development district, then the economic development district designation expires.
As added by P.L.19-1985, SEC.5. Amended by P.L.24-1987, SEC.17; P.L.19-1988, SEC.6; P.L.4-2005, SEC.47.
Structure Indiana Code
Chapter 39. Economic Development Districts
6-1.1-39-0.3. Legalization of Certain Loans, Loan Agreements, and Similar Arrangements
6-1.1-39-0.5. Allocation Area Limitation
6-1.1-39-1. Application of Chapter
6-1.1-39-1.1. "Additional Area"
6-1.1-39-1.2. "Local Public Improvement"
6-1.1-39-1.5. "Industrial Development Program"
6-1.1-39-1.6. "Qualified Industrial Development Project"
6-1.1-39-2. Designation of Unit Area as District; Adoption of Declaratory Ordinance
6-1.1-39-2.5. Review of Proposed Project; Preliminary Certification
6-1.1-39-3. Notice of Adoption of Ordinance; Hearing; Requisites; Final Action; Appeal
6-1.1-39-4. Appellate Procedure; Grounds; Burden of Proof
6-1.1-39-6. Enlargement of Districts
6-1.1-39-7. Allocation Areas; Declaration as Part of District Prohibited
6-1.1-39-8. Expiration of District Designation
6-1.1-39-9. Industrial Development Program Obligations; Ordinance; Proceeds of Obligation